If I hold SC (ADR) in street name, do I have to do anything to continue to get dividends in dollars? I read thru the pre-vote documentation. My reading comprenension may be slipping, if that was clearly written.
It seems that there will be two classes of Shell stock that correspond to RD and SC. Correct? If so, why would the holder of SC ADRs even need to do anything. It would seem that the ADR could represent one thing one day, and another thing another day.
If I read correctly, son-of-SC would pay dividends that are partly sourced from the Netherlands and partly sourced from the UK. Holders of son-of-RD would be paid dividends that are sourced from the Netherlands.
Does anybody have a fair understanding of what is happening? I got a reorg offer thing from my broker. Normally I disregard these, figuring if it is legitimate and mandatory, it will happen anyway. Anything unusual here?
I hope there are still knowledgeable people around.
On the RD side, I had understood it to be as follows:
1) As of tender date, shares elected to convert to ADR would become available. Those who have submitted their tender in advance of that date (I think July 15th), either directly or via broker, would be granted the new shares at a 1:1 ratio vs. the old RD shares.
2) Those who did not elect to convert their holdings into ADRs would maintain their existing shares, which would be delisted from NYSE, and could be traded on whichever foreign market exchange (Hague, etc.) would make a market for the shares.
Expecting that #2 would provide many headaches and very limited liquidity (unless you are an expert in the foreign exchange markets) I would recommend that you explore actively engaging in option #1.
This all assumes that the SC tender offer is the same as RD's.